Any time there is a surge of technology development, there are usually many startups, followed by a period of consolidation and acquisition. That's been happening for a while in proptech. Like when JLL acquired Hank, an AI-powered, virtual engineering platform, at the opening of 2022. Or when high-flying unicorn Veev, which was supposed to use tech for affordable housing construction, had a financial collapse and was bought by Lennar at the end of last year.

There will likely be many more M&A actions, as it's a predictable result of too many new companies fighting for dollars that aren't available as investors get worried and pare back their activity. The latest example is Entrata's acquisition of Colleen AI.

Entrata, which has a multifamily operational program, announced the acquisition. "By incorporating Colleen AI into the Entrata OS, operators can take the next step towards autonomous property management, introducing a new era for the industry," the company said in a press release. "Through the acquisition of Colleen AI, Entrata is introducing ELI+, an elevated suite of AI products to power end-to-end workflows. ELI+ is for operators looking to harness the power of AI to transform their business through automation for even more efficiency. It's designed to be modular and allows for swift enhancement utilizing modern AI and machine learning technology, giving operators the most up-to-date functionality. Operators will have immediate access to AI-powered collections and renewal modules, with additional modules, including leasing, in the coming months."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.